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House sale, tax implications, family help
Comments
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Estate agent is a bit wishy washy tbh and doesn’t seem to have a firm view on anything0
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I’m also worried that if we help her with the purchase of the bungalow but the property fails to sell within 9 months then capital gains tax may apply. Because she has offered the amount she has for the bungalow she really hasn’t got a lot left after solicitors costs etc to play with.My brother thinks it’s as simple as lending her the money and her giving us it back so I’m looking like the difficult child at the moment 😬0
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Even if it takes 12 months to sell, capital gains is only due on 3 months. If she has had it for 40 years then the amount due would be very little and there is the £3k tax free amount anyway, so don't focus on that.JessWebster78 said:I’m also worried that if we help her with the purchase of the bungalow but the property fails to sell within 9 months then capital gains tax may apply. Because she has offered the amount she has for the bungalow she really hasn’t got a lot left after solicitors costs etc to play with.My brother thinks it’s as simple as lending her the money and her giving us it back so I’m looking like the difficult child at the moment 😬
Modern method of auction is much worse than just selling it as they are. If it needs that much modernization, they should avoid FTBs if they can help it because a lot scare easily and don't appreciate the amount of costs or work involved in doing this.2 -
Just wanted to thank everyone for your advice and post an update. I managed to get mum out of the auction process as she was still within the 14 day cooling off period and she hadn’t had any viewings.A new buyer came along pretty quickly - I gave him a copy of the survey - didn’t bother him in the slightest so sale is currently going through and mum put in an offer on the original bungalow she wanted which is also currently going through - fingers crossed!4
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None of those things on the survey sounded worrying at all.
The whole "new roof" thing is standard. Surveyors always say that on a house older than 20 years old.
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